New Delhi, Sep 11 — Efforts within BRICS to ease trade barriers and strengthen business-to-business ties could open new markets and create fresh opportunities for Indian companies, industry and business representatives said on Friday as the grouping's business forum focused on boosting intra-BRICS commerce.
Speaking on the sidelines of the BRICS Business Forum, Evgeniy Zakharov, Managing Director of Kazakhstan-based Eurasia Motors said the forum was helping businesses establish direct connections and identify potential partners.
"Bilaterally, trade is not so big at the moment, but I think it will improve," Zakharov told IANS. He further noted that the forum was helping companies communicate directly and reduce dependence on intermediaries.
He said he had already met several potential partners at the forum and expected the interactions to lead to future cooperation.
"It has just started for me...This is the first time I participate in the forum, but I think it's quite great because many countries, lots of opportunities," Zakharov said.
Meanwhile, Dereje Walelign Mera, Chairman of the Ethiopian Solar Energy Development Association said the BRICS Business Council was working through sector-specific groups to identify and address barriers to doing business among member countries.
He said the working groups examine issues including tariffs and other hurdles that make cross-border business difficult, with recommendations aimed at removing such barriers.
"If all those kind of hurdles are removed, BRICS+ countries can do businesses very easily within each other," Dereje Walelign Mera told IANS.
He said easier trade and business flows could make BRICS a major platform for South-South cooperation.
The BRICS Business Forum brings together business representatives and policymakers to discuss trade, investment, finance, technology and other areas of economic cooperation.
For India, stronger intra-BRICS commercial ties could provide companies with greater access to new markets while helping diversify trade relationships and supply chains.
The forum is also expected to feed business recommendations into the broader BRICS agenda, including initiatives on intra-BRICS trade, investment, digital economy, MSMEs and value-chain integration.